FINANCIAL STABILITY. The Bangko Sentral ng Pilipinas (BSP) celebrates National Banking Week from Jan.1-7. 2024. An official of the BSP is urging Pangasinenses to save and invest this 2024. (Photo courtesy of BSP)
MALASIQUI, Pangasinan – A Bangko Sentral ng Pilipinas (BSP) official is urging Pangasinenses to include savings and investment as part of the new year’s financial literacy plan.
BSP Northern Luzon research specialist Gomer Gomez shared tips on how to save and avoid investment scams during the virtual forum hosted by the Philippine Information Agency - Pangasinan on Wednesday.
He said three things should be observed in saving money – prioritizing needs over wants, always following the savings formula of “income minus savings equals expenses,” and allocating percentages for savings.
“Set aside savings and spend the remaining (amount) wisely,” he said.
Gomez explained that saving money could help in times of emergency or purchasing other things.
He warned the public against giving in to impulse buying, especially if one has no savings.
If the savings formula would not work due to negative income, Gomez said, profiling to adjust either the spending or income sources is necessary.
“There should be a financial plan. Everybody has a unique financial plan as our income and expenses vary,” he said.
Gomez also encouraged Pangasinenses to save in banks as this would help the cash flow of the economy.
“It will help the banks loan it to other investors or corporations or other people who just need money,” he said.
After saving, the next thing to do is invest money correctly.
“Know your risk appetite. There are low-risk and low-income or high-risk and high-income,” Gomez said while warning the public against investment schemes that are “too good to be true.”
He also urged Pangasinenses to avail of the services of the BSP, such as the conduct of information campaigns on different sectors, investing, digital products, and fraud and scams. (PNA)
